Thanks for the pointer to QCOM.  I’m taking a short however.  Let me explain why.  Attached is a chart at hourly time frame showing the multi-week up, with an overlaid Fibonacci structure.  I’ve highlighted all the areas where price action shows respect (pivots at/around) the various Fibonacci level (I use 21-23% and 76-78% as zones rather than a single level).  Lots of respect, right?  I could have used this structure to project the target high and nailed it (but I wasn’t tracking QCOM); I do this in general on the markets I’m trading.  Next I’ll show the move down with an overlaid Fibonacci structure, position for “high fit” (a structure strictly over the current price action doesn’t demonstrate much fit at all).  You can see where the target concluding price of the down swing is; quite a bit lower.  So I sold a slightly above market bear call spread for mid February.  I call this technique “Fibonacci Fitting”, and the target(s) generated for swing completion I call a “Fibonacci projection” (as contrasted with Fibonacci retracements, and Fibonacci prior swing extensions, which are the two common/typical techniques promulgated by Boroden and others).